The Monday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

WWE $400K “Minor Accounting Error”

Vince McMahon, the longtime face of WWE and its executive chairman, is one of the most powerful figures in professional wrestling, paid $19.6M in hush money to cover up sexual misconduct allegations. The SEC says he called these payouts “minor accounting errors” and failed to report them properly in WWE’s financials, which misled investors.

The payments were allegedly used to silence claims of sexual harassment and misconduct. McMahon stepped down as CEO in 2022 when the allegations came out but came back in 2023. Now, he’s paying a $400K penalty to “move on” without admitting guilt.

Source: NYT

💎 What’s poppin in accounting

BDO Steals Big 4 Talent, Hits 300 Partners

BDO is on a hiring spree, poaching even more talent from Big 4 firms like Deloitte and PwC. They’ve just passed the 300-partner milestone in Australia, making them a serious challenger to the Big 4’s dominance.

Smaller firms like BDO are leveraging flexibility, culture, and client relationships to pull top talent away from the industry giants. The talent war is heating up, and BDO seems to be winning.

Source: Accountants Daily

💎 Turn 1099 Chaos Into Clarity – Instantly.

Fix your 1099 season

Equip your team with tools to identify vendors and collect W-9s all year long, so you can avoid the January-induced headache.

Keeper’s Prepare 1099s Report integrates with your client’s QuickBooks/Xero ledger and identifies vendors that meet the reporting threshold. 

If a 1099-eligible vendor is missing a W-9 – you can use the Client Portal to request it from your clients, or from the vendors directly. Stay on top of W-9 requests all year long and build the task into your monthly workflow, using the newly added vendors report.

See how

 📊 Weekly Trend Chart

Booze Biz Under Pressure

Alcohol sales are taking a hit. The U.S. Surgeon General (aka America’s top public health official) recently warned that no amount of alcohol is safe. Combine that with Gen Z’s shift toward non-alcoholic drinks, and the booze market is facing major headwinds.

Even giants like Diageo are feeling the squeeze, with slowing sales growth and a surge in low  and no-alcohol competition. From health warnings to changing tastes, the industry could be facing its toughest challenge yet.

#😂

Really gonna miss tiktok 😂

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